It is necessary to improve the exit mechanism of public offering products for every hot review 丨 "Mini Fund".

A few days ago, a paper announcement of the Noon Fund attracted great attention from all parties in the market. According to the announcement, due to the adjustment of work, Cai Songong has been the fund manager of the Nuoan optimized configuration since July 2. Cai Songsong is a well -known fund manager of the Noon Fund Company, and Nuoan's optimized configuration is a "mini fund" (the scale is only 2 million yuan). Star Fund Manager is in charge of "Mini Fund", which is very eye -catching.

Star Fund Manager+"Mini Fund" configuration, there have been similar cases in the public offering industry before. For example, Cui Yilong, a fund manager of Qianhai Kaiyuan, served as manager of Qianhai Kaishang Public Business Fund in July 2020. At the end of the second quarter of that year, the fund was only 1.13 million yuan, which was also a "mini fund", but by the end of 2020, the end of 2020 Its scale increased to 484 million yuan. At the end of 2021, the fund's scale had soared to 25.816 billion yuan. What kind of "chemical reactions" will be produced by Cai Songsong's management of Noon's optimization configuration, we might as well wait and see.

Nuo An Fund let Cai Songsong manages the "Mini Fund". Among them, the star managers have exerted its market influence, and the consideration of large -scale funds is objective. In fact, there are not a few "mini -type" shell funds in the public offering industry. As of July 4 this year, a total of 1,603 funds in the market were less than 50 million yuan, of which 337 funds were even less than 10 million yuan. Compared to 10077 fund products, the proportion of "mini funds" is not low.

Earlier, many fund companies have set off a "shell" boom. Due to the scarcity of certain fund products, although its scale is small, it still has a "shell" value. When the market has demand, shell funds may play a certain role. Moreover, compared to re -application for a new fund, the "shell" fund can be used directly, which is also the root cause of some fund companies who are keen to protect the "shell".

However, a large number of "mini -type" shell funds often produce many negative effects. First, although there are many cases of "mini -fund" achieved bigger cases due to changes in fund managers, after all, they are only very small and do not have universality. The existence of "mini funds" will increase operating costs, and it is also a waste of the human and material resources of fund companies.

The second is that "mini funds" often have only "shells" value, and there is no need to exist in the market. Moreover, the "Mini Fund" cannot be valued by the fund company, and is at a disadvantage in resource allocation, policy tilt, and personnel arrangements. More importantly, the profitability of the "mini fund", especially the return capacity, is weak. In addition, due to the mixed "mini fund", it will also increase unnecessary difficulty for investors when choosing a fund investment.

At present, there are more than 10,000 public fund products on the market, far more than the number of listed companies in the Shanghai and Shenzhen stock markets. Public funding products focus on "fine" but not many. Only those fund products with excellent performance and good return will be favored by investors and often more vitality. Based on this, the funds that have poor performance and unable to return to the holder to clear the market are the meaning of the market. After all, public funds play the role of financial management, and reasonable wealth for the holders is the first priority.

At present, there are several main types of public offering products, including less than 200 people with less than 200 million or less than 50 million yuan in fund holders of 60 working days in a row, and the fund company may launch a liquidation; Whether you liquidate; do not meet the regulatory requirements and liquid it; the fund contract is expired. These methods have both actively exiting and passive exit.

However, the facts of more than 300 funds in the market show that the size of less than 10 million yuan shows that there are currently shortcomings in the exit method of public offering products. The author believes that in this regard, it can be drawn from the delisting system of listed companies in the Shanghai and Shenzhen stock markets, and implements a compulsory liquidation system for public offering products that touch relevant clauses.

Improve the exit method of public offering products, you can start from multiple aspects. For example, it can be stipulated that when the scale of the fund is less than 30 million yuan, forced liquidation can be implemented; if the public offerings cannot return to the holder for five consecutive years, forced liquidation can also be implemented. The introduction of a compulsory liquidation system in public offering products can produce a variety of positive effects. For example, it can strengthen the awareness of the holder of the fund company and truly put the interests of the holder in an important position; it can force the fund company to improve the research capabilities, improve the level of investment decision -making, and finally realize the win -win situation of the industry, company, and holders.

Daily Economic News

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